How Much Auto Insurance Coverage Do You Need?
Have you ever wondered if you have enough auto insurance?
Hi this is Dave, here today to talk to you about how much auto insurance you should have on your car.
A couple years ago, in January 2015, the Illinois Legislature raised the minimum requirements for auto insurance from $20,000 per accident to $25,000 per accident. Thus most insurance companies now have to offer you at least a 25/50 policy. That means the liability is $25,000 per person $50,000 per occurrence.
Now the question remains, is that sufficient? The answer unequivocally is no. You need at least a policy of 100/300 and we suggest a policy of 250/500. That means you have liability coverage of $250,000 per person and a half million dollars per occurrence. You should also carry the exact same amount for uninsured and underinsured motorist. This is extremely important because if you are involved in a car crash and the person only has the minimum insurance $25,000 per occurrence and your injuries have a value of more than $150,000 and you have the minimum insurance there is no one to pay for your damages. Here at Franks & Rechenberg, we recommend that you have a minimum of coverage of $250,000 to $500,000 and the same amount in uninsured/underinsured motorist coverage.
Now if you are involved in a car crash, I suggest that you order my free book “The 7 Deadly Mistakes that can Destroy your Illinois Car Accident Case” Very easily done on the website, just fill out the free book submission order form and we’ll rush you out a free copy of “The 7 Deadly Mistakes that can Destroy your Illinois Car Accident Case” so you don’t make those mistakes.